Moomoo trading Platform may be a newcomer to the trading platform arena in the US.
But this one comes in with the backing of non other than investing.com.
In this review of MOOMOO Trading App, I will reveal one thing that makes this a clear standout you must include in your trading arsenal.
Table of Contents
What Is MOOMOO Trading App ?
I came to know MOOMOO trading App from Investing.com App.
As you may or not know, I regularly use the investing.com App for my day trading in pre-market and after hours.
Inside of it, I recently spotted MooMoo and my curiosity led to me to this.
The Moomoo App is a trading platform from MOOMOO, In which offers financial services through Hong Kong based Futu Inc.
This venture is backed by investing.com.
It is through this partnership that Moomoo App is featured on inveting.com App as a Top broker.
Which countries does MooMoo Serve ?
As a broker-dealer, FUTU has an already international presence.
The expansion into the US is following the footstep of another recent newcomer in this space namely Webull.
The focus for Moomoo App is on the Following 4 countries financial markets.
- United Stock Market
- Hong Kong stock market
- China Stock market
- Singapore Stock market
Investors in these countries will find the application very much in tune with their respective financial securities
How To Create Your MOOMOO Trading Account
Creating a Trading account on Moomoo App is relatively straightforward.
You will need an email and a password.
After this step, you can already access with the demo accounts.
Yes, I will come back to this later below.
However, for a full account, you will need the following items as displayed below.
A Social security number, a valid US address and you employment status is what is required for US residents to open a Moomoo trading account.
The process is quite easy overall and you will be ready to start trading whatever.
What Financial Instruments Can You Trade on MOOMOO App ?
On top of the choice on which of the 4 equity markets you would want to trade, you also have the choice of financial instruments.
Stocks and options on the US stock markets are the obvious choice for many traders.
Moomoo also offers Crypto trading.
The line up in tradeable cryptocurrencies is very large from Bitcoin, Ethereum, Binance Coin, XRP, Tether, Cardano, Dogecoin, Polkadot to the most obscure TenX, Odyssey , Gemini Dollar or Bytom just to name a few.
Though I have never traded futures, I find it interesting that that more and more traders who come to options trading have some backgroun in futures.
Should they be your cup of tea, you will be able to dance with the E-mini Dow, E-mini NASDAQ 100 and the E-mini S&P 500 as well as the VIX index, the E-mini Russel 2000 and the E-mini MidCap 400.
Metals traders will delight in gold, Micro silver and silver itself.
While the energy connoisseurs have the choice between Crude oil, RBOB Gasoline and the Henry Hub NAtural Gas.
Based on the online searches, I believe Forex is one instrument that is traded around the globe.
The choices inside Moomoo trading platform may see a bit limited for the more advanced traders.
In fact, I could only 10 pairs offered while courting the RMB Forex and International Forex sections
Index Trading on Moomoo App
Index trading is the new way of investing going forward.
It reduces exposure to single stocks while providing some diversification.
As a result, more and more investors are leaning towards these relatively new instruments.
|S&P 500 Index (SPY)||Hang Seng Index||UK FTSE100 Index|
|Dow Jones Industrial Average (DIA)||Hand Seng China Enterprises Index||German DAX30 Index|
|Nasdaq Composite Index||Hang Seng China Affiliates Index||FranceCAC40 Index|
|SSE Composite Index||Netherlands AEX Index|
|Shenzhen Component Index||Italy FTSEMIB Index|
Is MOOMOO Trading App Safe
If you have nay concerns about the security with FUTU as a broker, you can rest assured.
We learned earlier that investing.com itself is a Partner helping them with this introduction to the US markets.
Secondly, the company is listed on the New York Stock Exchange.
Thirdly, it has to pass all the check marks with FINRA.
Lastly, your account is protected the Securities Insurance Protection Corporation SPIC’) which provides some protection over your cash.
How Intrusive is the Moomoo App
For those you may concerned about running a progressive trading App on their phone, I ran this test to compare how much memory
space Moomoo App uses on my Galaxy Note9.
|CURRENT INSTALLED APPS||Memory Used By APP|
|Investing.com App||83 MB|
|Webull APP||202 MB|
|MooMoo Trading App||303 MB|
As shown on the table above, Moomoo App uses a bit more storage space than Webull App.
However, this should not make you shy away from it especially since I will be revealing soon the one thing that will totally make it worth it.
How Much Does It Cost To Trade On MOOMOO App ?
The philosophy of Moomoo trading App is to bring trading to the masses.
As such, gone are the heavy fees just like its US counterparts.
Moomoo Platform Fees
Futu Inc lists fee schedule for US residents that are more attractive that for non US residents.
Commissions for stocks and ADRs are $0.
There are some small regulatory fees that are correlated to the number of transaction amounts.
How much does it cost to Trade Options on Moomoo App ?
With zero commission on options trading, many traders will welcome this newcomer intothe arena.
The cost per contract fee is in line with the other US brokers at $0.65.
I personally pay $0.35 with my current broker while enjoying a high quality trading platform as described in this review.
Best Features of MOOMOO Trading App
#MooMoo US Stock Paper Trading Competition Forum
MOOMOO Trading Platform Education Course
Is MOOMOO The Best Demo Trading App ?
If there is one thing I cannot recommend enough to options traders beginners, it is the need to practice on a demo or paper account.
Finally, there is a trading platform that offers a superior demo trading App.
Yes, Moomoo provides you with not $100000 like ETRADE, but al lthe way to $1Million to gain enough confidence in your strategies.
The purpose of the demo account is to aback test your methodologies before going live with real money.
Now you have that at your fingertips and you should take advantage of that.
Notice that they $1 Million allocation on Moomoo App paper trading account is available for stocks as well as options.
Therefore, you will have plenty of time before you run out of Cash despite making rookie mistakes as we all are bound too.
I do not know about you but this is the big game changer for options trading beginners.
Webull is nce but the lack of a paper trading account for options left me a little bit on the defense side.
Moomoo is clearly addressing this need in a big way.
Futu MOOMOO Customer Service Review
Live online customer Service is available from inside the Moomoo app.
It may seems tricky at first but here is the simple process on how to contact Futu Moomoo Trading App Customer service inside the trading App.
Step 1. Locate the Moo” Me Icon on the button right hand side (as shown on the picture above)
Step 2 . Click on the Customer Service green icon
Step 3. Enter your question in the pop up window et Voila.
You may be luckier that I have been so far but do not expect a response outside of market hours.
Instead expect an automated message in the form of encouragement to open an account or invite your friend to enjoy free AAPL stocks.
Moomoo Trading App is making its way state side and you ought to take notice if you are serious about taking your trading to the next level.
Why don’t you start the step in your new trading journey the right way today by opening an account with the link below.